Annual Report 2020

2020 Annual Report Transport International Holdings Limited 213 Notes to the Financial Statements (Expressed in Hong Kong dollars unless otherwise indicated) 20 Employee retirement benefits (continued) (d) Movements in plan assets: 2020 2019 $’ 000 $’ 000 At 1 January 3,138,564 2,907,779 Administrative expenses paid (3,672) (3,582) Benefits paid by the plans (236,031) (282,844) Interest income 55,499 54,849 Return on plan assets, excluding interest income 450,189 462,362 At 31 December 3,404,549 3,138,564 (e) Amounts recognised in the consolidated statement of profit or loss and other comprehensive income are as follows: 2020 2019 $’ 000 $’ 000 Current service cost 63,359 70,497 Net income on net defined benefit asset (23,523) (17,504) Administrative expenses paid 3,672 3,582 Total amounts recognised in profit or loss 43,508 56,575 Actuarial losses 12,037 9,579 Return on plan assets, excluding interest income (450,189) (462,362) Amounts recognised in other comprehensive income (438,152) (452,783) Total defined benefit income (394,644) (396,208) (f) Significant actuarial assumptions and sensitivity analysis are as follows: 2020 2019 Discount rate – Monthly Rated Employees Scheme 0.7% 1.8% – Daily Rated Employees Scheme 0.4% 1.8% Future salary increases 4.0% 4.5% The below analysis shows how the defined benefit obligation would have increased/(decreased) as a result of a 0.25 percentage point change in the significant actuarial assumptions: 2020 2019 Increase in 0.25 percentage point Decrease in 0.25 percentage point Increase in 0.25 percentage point Decrease in 0.25 percentage point $’ 000 $’ 000 $’ 000 $’ 000 Discount rate (28,977) 29,155 (30,106) 31,013 Future salary increases 25,559 (25,650) 27,547 (26,904) The above sensitivity analysis is based on the assumption that changes in actuarial assumptions are not correlated and therefore it does not take into account the correlations between the actuarial assumptions.